N125 Billion Fake Currency Syndicate Busted in Kano, Nasarawa

 

In a major breakthrough against financial crimes, the Nigerian Police have uncovered a massive counterfeit currency operation spanning Kano and Nasarawa States, seizing fake foreign currencies worth approximately N125 billion. Authorities believe the syndicate has ties to terror financing and organized crime networks, raising national security concerns.

According to police sources, the criminal network had been under surveillance for months following intelligence reports linking them to illicit financial flows. Acting on credible leads, a joint task force raided multiple locations, arresting key suspects and recovering stacks of fake U.S. dollars, euros, and other high-value currencies.

“The scale of this operation is unprecedented. These criminals were flooding the market with fake notes, destabilizing the economy and aiding subversive activities,” said a senior police official, who requested anonymity.

Preliminary investigations indicate that the counterfeit money was being used to fund criminal enterprises, including arms trafficking and insurgency operations in Nigeria’s troubled northern regions. Authorities are now working closely with financial institutions and international anti-money laundering agencies to trace the network’s full reach.

Economic analysts warn that such large-scale counterfeiting poses a serious threat to Nigeria’s financial stability, as fake currencies erode public trust in legitimate transactions and drive up inflation. Meanwhile, law enforcement agencies have vowed to intensify efforts to dismantle similar syndicates operating within the country.

The arrested suspects are currently undergoing interrogation and will be charged to court soon, while forensic experts analyze the seized fake notes to determine their origin and production methods. Security operatives are also investigating possible links between the counterfeiters and foreign criminal organizations.

This latest development underscores the urgent need for stricter border controls, enhanced intelligence-sharing, and tougher financial crime laws to curb the rising menace of currency counterfeiting in Nigeria.